Julius Baer private bank has reached an agreement with the U.S. in relation to the corruption case around world football federation FIFA. The fine will be charged against its 2020 financial results.

Julius Baer has reached an agreement in principle with the U.S. Department of Justice (DoJ), resolving the investigation of the Bank’s role in corruption events around the world soccer federation FIFA, it said in a statement on Monday.

The bank will pay$79.7 million as part of the agreement, a sum it will charge against its 2020 financial results. Julius Baer had reported on the probability of reaching an agreement on September 16, 2020, and it has taken a provision of the agreed amount.

Final Resolution Due Imminently

Julius Baer anticipates that it will execute a final resolution in this matter with the DoJ shortly. The agreement entails Julius Baer entering into a three-year deferred prosecution agreement.

The Zurich-based bank cooperated with the DoJ ever since 2015, a case of suspected money laundering and corruption involving officials and affiliates of FIFA and associated sports media and marketing companies.

Arrests in Zurich in 2015

During the investigation, in May 2015, the police department of Zurich took several FIFA officials that resided in Zurich’s upmarket hotel Baur au Lac into custody. Two other officials were arrested at the same hotel in December of 2015. At the time, Switzerland’s Sepp Blatter was still in charge as head of FIFA. The football organization has its headquarters in Zurich.

Julius Baer had accepted money from corrupt FIFA sources. Swiss regulator Finma completed an enforcement procedure in connection with the case in February 2020 and banned the bank from making any major acquisitions for the time being.

Bank Addresses Shortcomings

Julius Baer in 2016 initiated a comprehensive program to identify and remedy shortcomings. Measures already taken include de-risking the business by re-documenting each one of the bank’s client relationships and discontinuing certain relationships and operations as well as renewing and strengthening the entire risk organization.